Nvidia revenue almost doubles on the year even as growth slows from previous quarter

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Nvidia’s revenue almost doubled from a year ago in the latest show of strength for the chipmaker that has been one of the biggest beneficiaries of the artificial intelligence boom.

Revenue for the quarter to the end of October was $35.1bn, a slower pace of growth from the previous quarter but still well above analysts’ expectations for $33.25bn.

The company’s revenue guidance for the current quarter was $37.5bn, plus or minus 2 per cent, which met consensus expectations of $37bn. The shares were down about 4 per cent in after-hours trading.

Analysts have been watching closely to see how Nvidia’s new generation of chips, known as Blackwell, launched earlier this year, might affect short-term revenue growth, and whether the chip is encountering any technical issues as it is implemented at scale.

According to a recent report from The Information, the Blackwell chips have experienced problems with overheating in servers. The chip already faced production issues earlier this year.

Nvidia shares are up more than 200 per cent year to date. The race to develop and adopt AI has fuelled Nvidia’s breakneck growth at Nvidia. With a market value of $3.6tn, it is the world’s most valuable listed company and has come to have an outsized impact on the stock market. Earlier in the year it was driving about a quarter of the gains on the S&P 500.